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Third quarter 2012 data reported to the National Credit Union Administration (NCUA) shows that credit union membership increased by 742,847 individuals to 93.9 million members.

Based on first quarter 2012 data, credit unions have maintained their steady historical growth, with the combined assets of all credit unions reaching $1 trillion for the first time. The four largest banks are still larger than the entire credit union movement.

Motivated by higher fees and lower rates at bigger banks, consumers voted with their feet and embraced credit unions. Credit Unions added 1.3 million new customers in 2011, bringing total membership to 91.8 million. That's a record number of credit union members.

On the surface, banks and credit unions look very similar. They both take customer deposits in the form of savings accounts, certificates of deposit, and checking accounts. They both also lend money in the form of mortgages, home equity loans, auto loans, and credit cards. They both have branches, electronic banking, and many of the services that facilitate the savings, transfer, and lending of money. But a deeper examination reveals profound differences that impact the rates that you receive as well as the customer service provided to you.

If you're lucky enough to live in El Paso, then you can become a member of El Paso Area Teachers FCU and open their 3.44% APY 60-Month CD. That's the best 60-month CD in the United States according to the BestCashCow database.

Now residents of Massachusetts and New Hampshire can be part of a credit union merely by living in that state, or by working for a company that is based in Massachusetts. Best of all, this particular credit union offers a checking account that allows you to earn up to 2.75% APY on your deposit.

Bayer Heritage Federal Credit Union in Western Virginia is offering a 3.56% APY 60-month CD.

Navy Federal Credit Union is offering a 1 year CD with a rate of 3% APY. The catch? Read on.

Navy Federal Credit Union has announced that it will honor scheduled April 15 direct deposit pay for active duty members in the case of a government shutdown.

The traditional credit union is actively pursuing members with high rates. Some may be teasers, but offer a high yield nonetheless. While consumers and investors are often lured by the ease of the internet, local institutions have begun to offer competitive rates to compete.

Regulators just announced a revamping of the nation’s wholesale credit union system. Although customers won’t see an immediate change at their local credit union, some analysts speculate the change could spur higher interest rates on loans and lower interest rates on deposits in the future.